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Podcast: FTAdviser Podcast
Episode: Will the FCA's plans to fix open-ended property funds work?
Description: Mark Carney, the former governor of the Bank of England, famously said open-ended funds which invest in illiquid assets are "built on a lie". This has been particularly evident with property funds, which have been forced to open and close themselves to redemptions repeatedly over the past few years, first in response to Brexit and then because of the coronavirus pandemic.To fix this this the Financial Conduct Authority has proposed a new type of fund: the long-term asset fund, which have "liquidity tools" which could include notice periods, deferred redemptions or limits on the amount of...